Nokia, Sanyo cancel CDMA handset venture
Nokia and Sanyo admitted today that they will not proceed with a proposed jointly owned company to product CDMA mobile devices. The two companies had announced their intentions to form the joint venture in February.
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Nokia officials said the arrangement did not appear as beneficial as they expected it to be.
According to UBS Investment Research, the move amounts to an exit from the CDMA handset market for Nokia, which dominates in the GSM market.
“With the inability to close the planned JV with Sanyo, we believe Nokia will effectively exit the CDMA segment of the handset market with respect to internally-developed and manufactured products,” the UBS investment note reads. “The company is expected to sell existing products for up to another 12 months, and then focus on only reselling ODM products into key U.S. accounts such as Verizon and Sprint.”
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